ICICI Bank hikes FD interest rates on select tenors by up to 25 bps

ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below Rs 2 crore on select tenors by up to 25 basis points. The new interest rates are effective from October 18, 2022. ICICI Bank will now offer interest rates between 3 percent and 6.20 percent for tenors from 7 days to 10 years.

According to the bank's website, the rates were raised by 10 basis points from 4.90% to 5% for the FD tenure 185 days to less than 1 year. ICICI Bank will now offer an interest rate of 5.80% for terms ranging from 1 year to 2 years, a 10 basis point increase from 5.70%. The bank will now offer 4.25% interest rates for terms ranging from 91 days to 184 days, up from 4% previously.

The bank will now offer 6% instead of 5.80%, an increase of 20 bps for terms ranging from 2 years 1 day to 3 years.


The bank will now offer an interest rate of 5.80%, up from 5.60%, for terms of 2 years and one day to 3 years. After the hike, the bank will now pay 6.20% for terms ranging from 3 years 1 day to 5 years, as well as 5 Years (80C FD) with a maximum of Rs 1.50 lakh. Tenure of 5 to 10 years will now be offered at 6.10%, up from 6% previously.

ICICI Bank senior citizens
The bank offers interest rates between 3.50% and 6.75% for senior citizens for tenures ranging from 7 days to 10 years.

ICICI Bank RD rates
For recurring deposits (RDs) ICICI Bank will now offer interest rates ranging from 4.25% to 6.20% for tenures ranging from 6 months to 10 years.

Source: ICICI website

Is the interest on an FD taxable?
According to the ICICI Bank website, “the interest earned on your ICICI Bank FD is taxable as per your income bracket. Interest earned from your ICICI Bank FD is subject to the Tax Deducted at Source, as per income tax laws. You can opt for a tax saver FD where you can save taxes up to Rs 46,800.”